BRT Apartments Expands Into Savannah With $23M Purchase Of Oaks At Victory Complex

BRT APARTMENTS CORP. (NYSE:BRT), a real estate investment trust, today announced the acquisition of Oaks at Victory, formerly known as Ascend Midtown, a 150-unit garden style apartment complex in Savannah, Georgia.

This purchase marks the Company's first acquisition in Savannah, Georgia. Oaks at Victory is conveniently located on Victory Drive, offering quick access to Victory Square shopping center and the greater Savannah area. Oaks at Victory was constructed in 1968 and consists of 1-, 2- and 3-bedroom apartment homes with several amenities including a clubhouse, fitness center, swimming pool, and laundry facilities.

BRT acquired the property for $23.0 million (including a $15.7 million mortgage) through a joint venture in which the Company owns an 80% equity interest. The mortgage, assumed at the time of acquisition, matures in 2031 and carries an interest rate of 2.71% with two years of interest only remaining and a 30-year amortization schedule. In connection with this purchase, BRT borrowed $8.0 million from its credit facility. As of October 6, 2025, BRT has $17.5 million outstanding on its $40.0 million credit facility, with a current interest rate of 6.63% (1-month SOFR plus 2.50%). The Company anticipates that the credit facility debt will be paid off in full using the proceeds it expects to receive in connection with scheduled refinancings in December 2025.